MGM China reports record quarterly EBITDAR

MGM China announced that third-quarter Adjusted EBITDAR reached HKD2.37 billion (USD305 million), marking a 20% increase year-on-year, according to parent company MGM Resorts International.

During an earnings call earlier this week, Kenneth Feng, president and executive director of MGM China, highlighted, “For MGM China, we anticipate delivering one of the strongest months in terms of GGR and EBITDA performance in our company’s history.”

He detailed ongoing projects, including converting 160 rooms at Macau’s Cotai property into 63 high-end suites, primarily two-bedroom units, which are expected to appeal to the evolving tastes of their VIP clientele.

In Q3, MGM China’s revenue surged 20% to HKD8.51 billion (USD1.10 billion), driven by an 18% increase in main floor table games drop. Net revenue for the quarter grew 17% to HKD8.5 billion. Adjusted EBITDA rose 20% to HKD2.4 billion, setting new highs for the third quarter.

The company’s EBITDA margin improved slightly to 27.9% from 27.4% a year prior, benefiting from efficient operations and a focus on premium mass customers.

Casino revenue also grew 18%, reaching nearly USD947 million. Meanwhile, daily visitation to MGM’s Macau properties increased 17% year-on-year, with daily gross gaming revenue (GGR) and mass GGR (including slots) up 20% and 17%, respectively.

Regarding market share in Macau, MGM’s share increased to 15.5%, up from 14.8%, with MGM Cotai securing a 9.4% share and MGM Macau holding 6.1%.

MGM Cotai’s revenue grew 22% to HKD5.12 billion (USD659 million), while adjusted EBITDAR increased 23% to HKD1.46 billion. The property saw a 44% rise in VIP turnover to HKD21.7 billion, with a steady 4.4% win rate. Meanwhile, mass table drop increased 31% to HKD17.4 billion (USD2.24 billion).

At MGM Macau, total revenue increased 12% to HKD3.4 billion, with adjusted EBITDA growing 23% to HKD1.5 billion. Despite a significant decline in VIP table turnover, mass table drop at the peninsula property rose 7%, reaching HKD14.5 billion, supported by an improved win rate of 23%, up from 20.9%.

Accompanying the results, MGM Resorts CEO William Hornbuckle praised MGM China’s performance. “MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third-quarter results from MGM China,” he said.

Hornbuckle emphasized ongoing efforts in Macau to attract high-end patrons, citing the opening of new exclusive clubs and entertainment offerings such as the Alpha Gaming Club at MGM Macau, which features nearly 30 tables and a dedicated restaurant and cigar lounge. He also discussed the company’s expanding presence in Japan and Dubai.

MGM is progressing with the new casino and resort in Osaka, with construction facilitated by a USD300 million yen-denominated credit facility, and plans are underway for a Dubai project set to open in the second half of 2028.

Feng added that MGM China remains focused on understanding customer preferences through new offerings like the Alpha Villas and other high-end amenities, aiming to sustain its market share in Macau’s competitive landscape. “We are acting quickly to maintain our market share in the mid-teens in Macau,” he said.

For the first nine months of 2025, MGM China’s total revenues climbed 7% to HKD25.2 billion, with adjusted EBITDAR up 5% to HKD7.25 billion.